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Why $200 Oil Is Just Around the Corner

hypocritexposer

Well-known member
Why $200 Oil Is Just Around the Corner
Rigzone Staff 9/4/2009

http://www.rigzone.com/news/article.asp?a_id=80044

Jeff Rubin Jeff Rubin

Jeff Rubin believes that oil prices are going to escalate much higher. In his book Why Your World is About to Get a Whole Lot Smaller, Rubin foretells $200 oil and a vastly transformed global economic picture coming into focus very soon.

The premise of Rubin's book is that oil is a finite resource and so-called "easy" oil is waning. Inevitably production will be unable to keep up with the growing demand worldwide, and the price of oil will skyrocket.

The chief economist at CIBC World Markets in Canada for 20 years, Rubin correctly predicted the price of oil reaching $50 in 2005 and $100 in 2007. No one believed him then, either.
 

Steve

Well-known member
There is enough oil to last 40 years if production holds constant and no new oil is found

The Middle East has enough oil to last 88 years at present production rates

for a factual look at the current outlook
http://www.eia.doe.gov/steo
 
A

Anonymous

Guest
New USGS survey report in the Montana Ag-News--reports that the Bakken field that takes in parts of ND,MT, and SK contains between 3.0 and 4.2 BILLION barrels of oil recoverable by todays technology-- but that in total they believe it could easily contain 400 Billion barrels...
For comparison- by the end of 2007- only 105 million barrels had been recovered...

Big problem now is no way to transport it to the big refineries- as the big pipelines are either too far or full of Canadian oil- and the local refineries are too small to handle what it could produce....The article mentions that until more pipelines are built-- the ND legislature is even contemplating trying to use some of the trust money to work with the railroads to build rail lines and get tanker cars to haul the oil out by rail to the refineries or an available pipeline....
 

hopalong

Well-known member
Oldtimer said:
New USGS survey report in the Montana Ag-News--reports that the Bakken field that takes in parts of ND,MT, and SK contains between 3.0 and 4.2 BILLION barrels of oil recoverable by todays technology-- but that in total they believe it could easily contain 400 Billion barrels...
For comparison- by the end of 2007- only 105 million barrels had been recovered...

Big problem now is no way to transport it to the big refineries- as the big pipelines are either too far or full of Canadian oil- and the local refineries are too small to handle what it could produce....The article mentions that until more pipelines are built-- the ND legislature is even contemplating trying to use some of the trust money to work with the railroads to build rail lines and get tanker cars to haul the oil out by rail to the refineries or an available pipeline....

Maybe they should have used some of the stimulas money for that instead of some of the worthless pork like the titmouse in Pelosi's districtonly $50 million, or $200 million to rejuvinate the National Mall, or 400 million for NASA to conduct climate change research or 100's of other projects that are nothing but pork.
 
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